Off-highway Electric Vehicle Market by Equipment, Propulsion, Application (Construction, Mining, and Agriculture), Battery Type, Battery Capacity (<50 kWh, 50 – 200 kWh, 200 – 500 kWh, >500 kWh), Power Output, Electric Tractor - Global Forecast to 2027

Increase in mining and construction application and need for infrastructure development in developing countries is expected to drive the market for off-highway vehicles while increasing stringency in emission regulations to drive the demand for electric and hybrid equipment
The off-highway electric vehicle market is projected to grow at a CAGR of 25.2% to reach USD 29.8 billion by 2027 from an estimated USD 4.9 billion in 2019. Emission regulations have a significant impact on mining equipment. Growing environmental concerns and awareness of the harmful effects of equipment emissions have forced engine and equipment manufacturers to develop engines that comply with emission norms. Alternatively, the need to comply with stringent emission norms has shifted the focus of manufacturers on electrical equipment.
The <50 hp segment is estimated to be the largest market during the forecast period, by power output
An electric motor is a device used in hybrid and electric vehicles to convert electrical energy into mechanical energy. Most of the hybrid and electric off-highway vehicles are equipped with one or sometimes two electric motors, depending on vehicle specification. Currently, electrification is primarily observed in small and compact vehicles. Motors generating an output of <50 hp are generally used in small off-highway electric and hybrid vehicles. These types of electric and hybrid off-highway vehicles have the largest market in Europe. Caterpillar, Komatsu, John Deere, Sandvik, and Solectrac are the leading OEMs for off-highway electric and hybrid vehicles.
The 50–200 kWh segment is estimated to be the second largest market for off-highway electric vehicles, by battery capacity
The 50–200 kWh segment of off-highway electric vehicles is estimated to account for the second largest market value in 2019, owing to the higher demand for small- and mid-range off-highway equipment in countries such as China, India, and the US. In addition, as per MarketsandMarkets analysis, Asia Pacific accounted for about more than 30% of the total sales of this battery capacity, in terms of volume.
North America: The largest off-highway electric vehicle market during the forecast period
North America is expected to lead the off-highway electric vehicle market, in terms of value, during the forecast period. The construction and mining equipment demand in North America is expected to increase due to measures adopted by the US that have increased the demand for domestically extracted minerals and infrastructure development. The US is estimated to be the largest market for off-highway electric vehicles in North America. US-based Caterpillar Inc. offers its full range of off-highway equipment across the globe. In addition, with upcoming stringent emission norms for fuel economy in the country, companies are trying harder to manufacture electric and hybrid equipment for the domestic market.





The study contains insights provided by various industry experts, ranging from off-highway electric vehicle manufacturers, shipping authorities, and distributors. The break-up of the primaries is as follows:
 By Company Type: Off-highway electric vehicle Manufacturers- 70%, Government Authorities- 20%, and Distributors- 10%
 By Designation: C-level- 25%, D-Level- 60%, and Others-15%
 By Region: North America - 30%, Europe- 20%, Asia Oceania- 35% and RoW- 15%

The report provides detailed profiles of the following companies:
 Hitachi Construction Machinery (Japan)
 Caterpillar (US)
 Komatsu (Japan)
 JCB (UK)
 Volvo CE (Sweden)
 Deere & Company (US)
 CNH Industrial (UK)
 Sandvik (Sweden)
 Liebherr (Switzerland)
Research Coverage
The primary objective of the study is to define, describe, and forecast the off-highway electric vehicle market by equipment, battery technology, battery capacity, power output, propulsion type, application, electric tractor, and region. It analyzes the opportunities offered by various segments of the market to stakeholders. It tracks and analyzes competitive developments such as market share analysis, expansions, joint ventures, acquisitions, and other industrial activities carried out by key industry participants.
Key Benefits of Buying the Report
 The study provides qualitative and quantitative analyses of the off-highway electric vehicle represented in terms of volume (Units) and value (USD million)
 The report will help market leaders and new entrants by providing them the closest approximations of the revenue numbers for the overall off-highway electric vehicle market and subsegments
 The 10 key companies that have a significant impact on the market have been profiled along with their financial structures, recent developments, and product portfolios
 The report covers the competitive landscape, which reflects the market share analysis of leading players along with the dominant strategies adopted by these stakeholders to retain their positions

TABLE OF CONTENTS

1 INTRODUCTION 19
1.1 OBJECTIVES OF THE STUDY 19
1.2 PRODUCT DEFINITION 20
1.3 MARKET SCOPE 20
1.3.1 MARKETS COVERED 20
1.3.2 YEARS CONSIDERED IN THE STUDY 21
1.4 CURRENCY 21
1.5 LIMITATIONS 22
1.6 STAKEHOLDERS 22
2 RESEARCH METHODOLOGY 23
2.1 RESEARCH DATA 23
2.2 SECONDARY DATA 25
2.2.1 KEY SECONDARY SOURCES 25
2.2.2 KEY DATA FROM SECONDARY SOURCES 25
2.3 PRIMARY DATA 26
2.3.1 SAMPLING TECHNIQUES & DATA COLLECTION METHODS 26
2.3.2 PRIMARY PARTICIPANTS 27
2.4 MARKET SIZE ESTIMATION 27
2.4.1 BOTTOM-UP APPROACH 27
2.4.2 TOP-DOWN APPROACH 28
2.5 MARKET BREAKDOWN AND DATA TRIANGULATION 29
2.6 ASSUMPTIONS 30
3 EXECUTIVE SUMMARY 31
4 PREMIUM INSIGHTS 34
4.1 ATTRACTIVE OPPORTUNITIES IN OFF-HIGHWAY ELECTRIC VEHICLE MARKET 34
4.2 OFF-HIGHWAY ELECTRIC VEHICLE MARKET IN ASIA PACIFIC, BY EQUIPMENT
AND COUNTRY 35
4.3 OFF-HIGHWAY ELECTRIC VEHICLE MARKET, BY REGION 36
4.4 OFF-HIGHWAY ELECTRIC VEHICLE MARKET, BY EQUIPMENT 36
4.5 OFF-HIGHWAY ELECTRIC VEHICLE MARKET, BY APPLICATION 37
4.6 OFF-HIGHWAY ELECTRIC VEHICLE MARKET, BY PROPULSION 37
4.7 OFF-HIGHWAY ELECTRIC VEHICLE MARKET, BY POWER OUTPUT 38
4.8 OFF-HIGHWAY ELECTRIC VEHICLE MARKET, BY BATTERY CAPACITY 38
4.9 OFF-HIGHWAY ELECTRIC VEHICLE MARKET, BY BATTERY TECHNOLOGY 39
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5 MARKET OVERVIEW 40
5.1 INTRODUCTION 40
5.2 MARKET DYNAMICS 40
5.2.1 DRIVERS 41
5.2.1.1 Low noise and vibration 41
5.2.1.2 Improved efficiency 41
5.2.1.3 Low overhaul cost 41
5.2.1.4 High cost of ventilation of diesel emissions in mining 41
5.2.1.5 Environmental and human safety 41
5.2.2 RESTRAINTS 43
5.2.2.1 Higher initial cost than diesel-powered equipment 43
5.2.2.2 Insufficient charging infrastructure 43
5.2.2.3 Lower acceptance of electric vehicles 44
5.2.3 OPPORTUNITIES 44
5.2.3.1 New advancements in industrial sector 44
5.2.4 CHALLENGES 44
5.2.4.1 Low battery capacity 44
5.2.4.2 Lack of qualified workers 44
5.2.4.3 Low compatibility for long haul applications 44
5.2.4.4 Low compatibility for electrification 44
6 OFF-HIGHWAY ELECTRIC VEHICLE MARKET, BY APPLICATION 46
The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Pacific, Europe, North America and RoW
6.1 INTRODUCTION 47
6.1.1 RESEARCH METHODOLOGY 47
6.1.2 ASSUMPTIONS 48
6.2 MINING 48
6.2.1 ASIA PACIFIC IS PROJECTED TO BE THE FASTEST GROWING MARKET DUE TO GROWING MINING ACTIVITIES IN THE REGION 49
6.3 CONSTRUCTION 49
6.3.1 EUROPE IS EXPECTED TO BE THE LARGEST MARKET DUE TO RAPID INFRASTRUCTURAL ADVANCEMENTS 50
6.4 GARDENING 50
6.4.1 EUROPE IS EXPECTED TO BE THE LARGEST MARKET 50
6.5 AGRICULTURE 51
6.5.1 ASIA PACIFIC IS PROJECTED TO BE THE FASTEST GROWING MARKET DUE TO ITS GROWING AGRICULTURE SECTOR 51
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7 OFF-HIGHWAY ELECTRIC VEHICLE MARKET, BY EQUIPMENT 52
The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Pacific, Europe, North America and RoW
7.1 INTRODUCTION 53
7.1.1 RESEARCH METHODOLOGY 53
7.1.2 ASSUMPTIONS 53
7.2 DUMP TRUCK 55
7.2.1 NORTH AMERICA IS EXPECTED TO BE THE LARGEST MARKET DUE TO GROWING MINING ACTIVITIES IN THE REGION 56
7.3 DOZER 57
7.3.1 ASIA PACIFIC IS PROJECTED TO BE THE FASTEST GROWING MARKET 57
7.4 EXCAVATOR 58
7.4.1 ASIA PACIFIC IS PROJECTED TO BE THE FASTEST GROWING MARKET DUE TO INCREASING INFRASTRUCTURAL ACTIVITY 58
7.5 MOTOR GRADER 59
7.5.1 NORTH AMERICA IS EXPECTED TO BE THE LARGEST MARKET 59
7.6 LHD 60
7.6.1 ASIA PACIFIC IS EXPECTED TO BE THE LARGEST MARKET FOR LHD 60
7.7 LOADER 61
7.7.1 EUROPE IS EXPECTED TO BE THE LARGEST MARKET FOR LOADERS 61
7.8 LAWN MOWER 62
7.8.1 EUROPE IS ESTIMATED TO BE THE LARGEST MARKET DUE TO ADVANCEMENTS IN AGRICULTURE INDUSTRY 62
7.9 SPRAYER 63
7.9.1 NORTH AMERICA IS EXPECTED TO BE THE LARGEST MARKET 63
7.10 TRACTOR 64
7.10.1 NORTH AMERICA IS ESTIMATED TO BE THE LARGEST MARKET DUE TO ADVANCEMENTS IN AGRICULTURE INDUSTRY 64
8 OFF-HIGHWAY ELECTRIC VEHICLE MARKET, BY BATTERY TYPE 66
The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Pacific, Europe, North America and RoW
8.1 INTRODUCTION 67
8.1.1 RESEARCH METHODOLOGY 67
8.1.2 ASSUMPTIONS 67
8.2 LITHIUM-ION 69
8.2.1 ASIA PACIFIC IS EXPECTED TO BE THE FASTEST GROWING MARKET DUE TO PRESENCE OF LEADING BATTERY MANUFACTURERS 69
8.3 NICKEL METAL HYDRIDE 70
8.3.1 ASIA PACIFIC IS ESTIMATED TO BE THE LARGEST MARKET 70
8.4 LEAD-ACID 71
8.4.1 ASIA PACIFIC IS ESTIMATED TO BE LARGEST AND FASTEST MARKET 71
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8.5 OTHERS 72
8.5.1 EUROPE IS EXPECTED TO BE THE LARGEST MARKET 72
9 OFF-HIGHWAY ELECTRIC VEHICLE MARKET, BY BATTERY CAPACITY 74
The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Pacific, Europe, North America and RoW
9.1 INTRODUCTION 75
9.1.1 RESEARCH METHODOLOGY 75
9.1.2 ASSUMPTIONS 75
9.2 <50 KWH 77
9.2.1 EUROPE IS EXPECTED TO BE THE LARGEST MARKET 77
9.3 50–200 KWH 78
9.3.1 ASIA PACIFIC IS EXPECTED TO BE THE FASTEST GROWING MARKET 78
9.4 200–500 KWH 79
9.4.1 ASIA PACIFIC IS EXPECTED TO BE THE FASTEST GROWING MARKET 79
9.5 >500 KWH 80
9.5.1 EUROPE IS EXPECTED TO BE THE LARGEST MARKET 80
10 OFF-HIGHWAY ELECTRIC VEHICLE MARKET, BY PROPULSION TYPE 81
The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Pacific, Europe, North America and RoW
10.2 INTRODUCTION 82
10.2.1 RESEARCH METHODOLOGY 82
10.2.2 ASSUMPTIONS 82
10.3 BATTERY ELECTRIC 84
10.3.1 EUROPE IS EXPECTED TO HOLD THE LARGEST MARKET DURING THE FORECAST PERIOD DUE TO ITS ADVANCED STATE OF TECHNOLOGIES 84
10.4 HYBRID ELECTRIC 85
10.4.1 NORTH AMERICA IS EXPECTED TO HOLD THE LARGEST MARKET DUE TO ITS HIGHER RATE OF TECHNOLOGY ADOPTION 85
11 OFF-HIGHWAY ELECTRIC VEHICLE MARKET, BY POWER OUTPUT 86
The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Pacific, Europe, North America and RoW
11.1 INTRODUCTION 87
11.1.1 RESEARCH METHODOLOGY 87
11.1.2 ASSUMPTIONS 87
11.2 <50 HP 89
11.2.1 ASIA PACIFIC IS EXPECTED TO BE THE FASTEST GROWING MARKET 89
11.3 50–150 HP 90
11.3.1 EUROPE IS EXPECTED TO BE THE LARGEST MARKET 90
11.4 150–300 HP 91
11.4.1 EUROPE IS EXPECTED TO BE THE LARGEST MARKET 91
11.5 >300 HP 92
11.5.1 EUROPE IS EXPECTED TO BE THE LARGEST MARKET 92
12 ELECTRIC TRACTOR MARKET, BY EQUIPMENT 93
The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Pacific, Europe, North America and RoW
12.1 INTRODUCTION 94
12.1.1 RESEARCH METHODOLOGY 94
12.1.2 ASSUMPTION 94
12.2 LAWN MOWER 96
12.2.1 EUROPE IS ESTIMATED TO BE THE LARGEST MARKET 96
12.3 SPRAYER 97
12.3.1 NORTH AMERICA IS EXPECTED TO BE THE LARGEST MARKET 97
12.4 TRACTOR 98
12.4.1 NORTH AMERICA IS ESTIMATED TO BE THE LARGEST MARKET 98
13 OFF-HIGHWAY ELECTRIC VEHICLE MARKET, BY REGION 100
The Chapter is Further Segmented at Country Level by equipment and Considered Countries are Asia Pacific (China, Japan, India), Europe (Germany, UK, France, Russia, Spain, Italy), North America (US, Canada, Mexico) and RoW (Brazil and South Africa)
13.1 INTRODUCTION 101
13.1.1 RESEARCH METHODOLOGY 102
13.2 ASIA PACIFIC 103
13.2.1 CHINA 105
13.2.1.1 In terms of volume, lawn mower is estimated to have the largest market share 105
13.2.2 INDIA 106
13.2.2.1 Motor grader is expected to have the fastest growing market* 106
13.2.3 JAPAN 108
13.2.3.1 The excavator segment is projected to grow at the highest CAGR 108
13.3 EUROPE 109
13.3.1 GERMANY 112
13.3.1.1 In terms of volume, lawn mower is estimated to have the largest market share 112
13.3.2 UK 113
13.3.2.1 Tractor is projected to be the fastest growing market* 113
13.3.3 FRANCE 115
13.3.3.1 In terms of volume, lawn mower is estimated to have the largest market share 115
13.3.4 RUSSIA 116
13.3.4.1 Tractor is projected to be the fastest growing market 116
13.3.5 SPAIN 117
13.3.5.1 Lawn mower is estimated to have the largest market share by value 117
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13.3.6 ITALY 118
13.3.6.1 Loader is expected to hold the largest market 118
13.4 NORTH AMERICA 119
13.4.1 US 122
13.4.1.1 The tractor segment is projected to grow at the highest CAGR* 122
13.4.2 CANADA 123
13.4.2.1 In terms of volume, lawn mower is estimated to have the largest market share 123
13.4.3 MEXICO 124
13.4.3.1 Dump truck is estimated to be the largest market 124
13.5 REST OF THE WORLD (ROW) 125
13.5.1 BRAZIL 126
13.5.1.1 Loader is projected to be largest segment by volume & value 126
13.5.2 SOUTH AFRICA 127
13.5.2.1 Dozer is projected to be the fastest growing market 127
14 RECOMMENDATION CHAPTER 129
14.1 ASIA PACIFIC WILL BE THE KEY REGION FOR OFF-HIGHWAY ELECTRIC VEHICLE MARKET 129
14.2 ELECTRIFICATION IN UNDERGROUND MINING EQUIPMENT WILL BE A NEW HOT BED FOR OFF-HIGHWAY ELECTRIC VEHCILE MANUFACTURERS 129
14.3 CONCLUSION 130
14.4 CONNECTED MARKETS 130
15 COMPETITIVE LANDSCAPE 131
15.1 OVERVIEW 131
15.2 OFF-HIGHWAY ELECTRIC VEHICLE MARKET: MARKET RANKING ANALYSIS 131
15.3 COMPETITIVE SCENARIO 133
15.4 COMPETITIVE LEADERSHIP MAPPING 137
15.4.1 TERMINOLOGY 137
15.4.1.1 Visionary Leaders 137
15.4.1.2 Innovators 137
15.4.1.3 Dynamic Differentiators 138
15.4.1.4 Emerging Companies 138
15.5 STRENGTH OF PRODUCT PORTFOLIO 139
15.5.1 OFF-HIGHWAY ELECTRIC VEHICLE MANUFACTURERS: COMPANY-WISE PRODUCT OFFERING ANALYSIS 139
15.6 BUSINESS STRATEGY EXCELLENCE 140
15.6.1 ELECTRIC CONSTRUCTION EQUIPMENT: COMPANY-WISE BUSINESS STRATEGY ANALYSIS 140
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16 COMPANY PROFILES 141
(Business overview, Products offered, Recent Developments, SWOT analysis, MNM view)*
16.1 HITACHI CONSTRUCTION MACHINERY 141
16.2 CATERPILLAR 144
16.3 KOMATSU 147
16.4 JCB 149
16.5 VOLVO CONSTRUCTION EQUIPMENT 152
16.6 DEERE & COMPANY 154
16.7 CNH INDUSTRIAL 156
16.8 SANDVIK 158
16.9 LIEBHERR 160
16.10 EPIROC 162
*Details on Business overview, Products offered, Recent Developments, SWOT analysis, MNM view might not be captured in case of unlisted companies.

16.11 ADDITIONAL COMPANIES 164
16.11.1 AMERICAS 164
16.11.1.1 Terex 164
16.11.2 EUROPE 164
16.11.2.1 Deutz AG 164
16.11.2.2 Atlas Copco 164
16.11.2.3 Fendt 164
16.11.2.4 Husqvarna 165
16.11.2.5 Stihl Holding AG and Co. Kg 165
16.11.2.6 Exel Industries 165
16.11.3 ASIA OCEANIA 165
16.11.3.1 XCMG 165
16.11.3.2 Sumitomo Heavy Industries 165
16.11.3.3 Doosan 166
16.11.3.4 Sany Heavy Industries 166
16.11.3.5 Kubota 166
16.11.3.6 BEML 166
16.11.3.7 Zoomlion 167
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17 APPENDIX 168
17.1 PRIMARY INSIGHT 168
17.2 DISCUSSION GUIDE 169
17.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 173
17.4 AVAILABLE CUSTOMIZATIONS 175
17.4.1 OFF HIGHWAY ELECTRIC VEHICLE MARKET BY COUNTRY &
BATTERY TECHNOLOGY 175
17.4.1.1 Lithium-ion 175
17.4.1.2 Nickel metal hydride 175
17.4.1.3 Lead-acid 175
17.4.1.4 Other 175
17.4.2 OFF HIGHWAY ELECTRIC VEHICLE MARKET BY COUNTRY & PROPULSION 175
17.4.2.1 Electric 175
17.4.2.2 Hybrid 175
17.5 RELATED REPORTS 176
17.6 AUTHOR DETAILS 177